obviously we've seen a lot of foreign investors allocate capital into this market. we are looking at the rupee depreciating significantly over the last year. the company dealing with other problems including lack of infrastructure, some policy changes. what is your recent -- i guess your updated outlook on india going forward? >> well, the local market has justice done phenomenally in 2012. up 25%. but it didn't help u.s. dollar investors because the currency fell the same amount. so really everyone kind of broke even even though the market took off this year. i think india is still a market where you want to keep building positions gradually over time. there's been a lot of issues around the government. i think the instakt around the government and people's predicting how long it will take to push back reforms has impacted the market quite a bit. i think one thing under the surface in india and china that all investors need to be aware of is the fact that corporate debt is now really building up to almost unhealthy levels. and i would keep an eye on where corporate